International Economics: Theory and Policy, Global Edition, 12th Edition

For courses in international economics, international finance, and international trade International Economics: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of theory and policy around the world. Divided into two halves, with the first devoted to trade and the second to monetary questions, the text provides an intuitive introduction to theory and events as well as detailed coverage of the actual policies put into place as a response. In the 12th Edition, important economic developments are highlighted, with many lessons drawn from the recent COVID-19 pandemic experience. Using examples like these, the text equips students with the intellectual tools for understanding the changing world economy and economic implications of global interdependence. Format types MyLab with eText = Access to the blended learning platform, merging digital content with complementary homework, tutorials, and assessments. Includes the accompanying eText. MyLab is an innovative online learning platform to support you in your educational journey. It offers a range of interactive and personalized resources tailored to various subjects, helping you to better understand and retain course material. Key benefits of MyLab include immediate feedback on assignments and quizzes, allowing you to learn from your mistakes in real-time. Additionally, the platform provides a wealth of practice exercises, tutorials, and multimedia resources that cater to different learning styles. New to this edition The following chapters provide new or updated discussion of: the impacts of Brexit and COVID-19 (Chapter 7) firms' global sourcing decisions and the new USMCA treaty (Chapter 8) US-China trade tensions (Chapter 10) the effects of the Trump trade war on global trade and the COVID-19 pandemic (Chapter 19) the Dec. 2020 EU-UK trade deal plus the prior withdrawal agreement and its implications for the Irish border (Chapter 21) euro area policy innovations in response to COVID-19 (Chapter 21) Case Studies engage students with theory and practice, using real-world applications and events that provide important historical context. New case studies examine the potential link between import competition from developing countries and declines in manufacturing employment in the US (Chapter 4), the gains to US consumers from Chinese imports (Chapter 6), and the distributional consequences of the Trump trade war (Chapter 9). Special Boxes offer vivid illustrations and videos of points made in the text, to better explain particular concepts in an engaging fashion and help students better understand key material. New boxes discuss President Trump's trade war (Chapter 4), the impact of trade shocks on developing countries (Chapter 6), currency manipulation (Chapter 19), the global financial cycle (Chapter 22), and much more. Table of contents 1. Introduction PART ONE: INTERNATIONAL TRADE THEORY 2. Word Trade: An Overview 3. Labor Productivity and Comparative Advantage: The Ricardian Model 4. Specific Factors and Income Distribution 5. Resources and Trade: The Heckscher-Ohlin Model 6. The Standard Trade Model 7. External Economies of Scale and the International Location of Production 8. Firms in the Global Economy: Export and Foreign Sourcing Decisions and Multinational Enterprises PART TWO: INTERNATIONAL TRADE POLICY 9. The Instruments of Trade Policy 10. The Political Economy of Trade Policy 11. Trade Policy in Developing Countries 12. Controversies in Trade Policy PART THREE: EXCHANGE RATES AND OPEN-ECONOMY MACROECONOMICS 13. National Income Accounting and the Balance of Payments 14. Exchange Rates and the Foreign Exchange Market: An Asset Approach 15. Money, Interest Rates, and Exchange Rates 16. Price Levels and the Exchange Rate in the Long Run 17. Output and the Exchange Rate in the Short Run 18. Fixed Exchange Rates and Foreign Exchange Intervention PART FOUR: INTERNATIONAL MACROECONOMIC POLICY 19. International Monetary Systems: A Historical Overview 20. Financial Globalization: Opportunity and Crisis 21. Optimum Currency Areas and the Euro 22. Developing Countries: Growth, Crisis, and Reform